Marketplace KYC/Sanction Checks

Created by Hitesh Mehta, Modified on Wed, 6 Mar at 3:16 PM by Hitesh Mehta

Marketplace KYC/Sanction Checks
Baby Bunting contracts with third-party sellers to sell their goods on the Baby Bunting website as part of the Baby Bunting Marketplace. Payments are made through the Baby Bunting website which makes Baby Bunting liable to meet the PCI-DSS security standard. PCI DSS is the global data security standard adopted by payment card brands for all entities that process, store, or transmit cardholder data and/or sensitive authentication data. It consists of steps that mirror security best practices, ensuring that Marketplace transactions through the Baby Bunting website comply with PCI data security standards.

As part of the PCI-DSS data security standard requirements and requirements imposed under card schemes (e.g. VISA rules), Baby Bunting will conduct KYC/Sanction checks on all Marketplace sellers prior to enabling transactions on the Baby Bunting website to ensure compliance with Baby Bunting’s legal and contractual obligations. The platform merchant (Baby Bunting) has implemented policies and procedures that involve the following:

a. Collection of information about each third-party seller and each of their beneficial owners as necessary or appropriate for client identification and due diligence purposes.
b. Verification that the collected information is true and accurate.
c. Establishment of procedures and processes to ensure compliance with United States and local laws and regulations relating to anti-money laundering, anti-terrorist financing, and sanction screening requirements.
d. Enter into contracts with each third-party seller before submitting Transactions on its behalf, specifying that the third-party seller is prohibited from conducting a sale it knows or should have known is fraudulent or not authorized by the consumer. Violation of this requirement will result in termination of the contract without notice.
e. Ensure third-party seller names visible on the POI do not belong to other legal entities, preventing unlawful usage of existing business trademarks, including impersonation of these names to scam consumers. Controls include, where legally allowed, matching third-party seller names with scam negative listings.
f. Establish fraud loss control measures appropriate to the third-party seller’s business, including detecting sales involving counterfeit goods or the infringement of intellectual property rights.
g. Review and monitor its POI(s) and business activities regularly to confirm that all Transactions are conducted legally (based on the applicable laws in the locations of the Merchant, Cardholder, and third-party seller), in an ethical manner, and in full compliance with the Standards.
h. Understand its liability for all acts, omissions, and customer service issues, and its responsibility to manage Cardholder disputes relating to Transactions arising from third-party sellers.

The Marketplace team will contact the beneficiary owner to ensure all relevant KYC/sanction checks are completed before the store is activated on the Baby Bunting website. This might require you to provide certain documents for identification or verification purposes. These documents will be stored confidentially by a third-party vendor engaged by Baby Bunting to conduct and complete the KYC/Sanction checks. We will handle any personal information in accordance with our Privacy Policy. If you have any questions or concerns, please feel free to reach out to the Marketplace support team.

Please note failure to comply with the KYC/Sanction checks would restrict your account from being activated on the Baby Bunting Marketplace.

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